Individual Reflection: Smart Table Business Model Canvas Analysis

This report is a reflection paper on the development of a Business Model Canvas (BMC) for a smart table, a new product introduced in the furniture sector. The student utilizes the Gibbs reflective cycle to analyze the learning experience, detailing the challenges and insights gained during the entrepreneurial venture. The paper explores the process of identifying a product idea, developing value propositions, and navigating online collaboration. It highlights the difficulties of online communication, time management, and the allocation of tasks within the team. The reflection emphasizes the importance of innovation, feasibility, and the intricate nature of converting an idea into a product. The student concludes with an action plan, focusing on improved time management, early marketing strategies, and the development of unique value propositions for future ventures. The report also includes references to relevant literature and journals.

REFLECTION OR
REACTIVE PAPER ON A
PARTICULAR BUSINESS
MODEL CANVAS

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................3
MAIN BODY..................................................................................................................................3
CONCLUSION................................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Reflective writing is essential in ascertaining and evaluating the learning that was developed
through particular experience (Dhaliwal, Singh and Singh, 2017). In the current report, reflection
has been presented for the business model canvas developed on the smart table.
MAIN BODY
In order to analyse the learning that was developed through this entrepreneurial venture and
in order to draw appropriate conclusions on the basis of learning that was developed, Gibbs
model of reflective cycle can be used. This helps in analysing the entire procedure of
entrepreneurial learning through certain steps:
Description: While developing the business canvas model for smart table, the major learning that
I learnt was that how an innovative idea can be channelized into something productive or
revenue generating (Tawanwongsri and Phenwan, 2019). Through this Smart Table idea, I
recognised that today we don’t just need to innovate; we need to build upon those requirements
that are still unmet of the consumers. To identify that particular idea and then develop it into a
product that is both feasible and innovative is a very tough task. Another major thing, that I
learnt was how to develop learning through online mediums of connectivity. It was very difficult
to synchronize everyone’s thinking in one direction and further, it was extremely important that
every member believed in the idea that was presented which was a crucial task requiring lot of
patience and listening and arguing. After the identification of the idea of product, identifying its
manufacturing process, raw material requirement, suppliers, customers etc. is also time
consuming and critical in ensuring the success of the business.
Feelings: When we decided to develop the BMC on the idea of smart table the first task was to
identify the sales partners and then develop the value propositions for the product. After this the
resources that were required was also difficult to arrange but the customer segments were
relatively easier to target (Sekarwinahyu, Rustaman and Widodo, 2019). However, we normally
communicated through the Zoom app where it is relatively easier to hold meetings and multiple
screens can be shared at the same time. The major obstacle was that it was difficult to make
others understand what I was try to communicate because during face to face communication I
used to use my charts or written assistance that would make them understand easily but it was
difficult in online learning. Additionally, the efforts that we had to put in integrating our thinking
and actions towards a more productive front utilised a lot of out time. I feel that we are not still
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very comfortable and accustomed to the online learning mechanisms (Wain, 2017). Conveying
messages to each other repeatedly, ascertaining those time durations where everyone could join
in on the Zoom meeting app all these were tasks on which we were unnecessarily utilising much
more time than we should have.
Evaluation: The idea that we developed was very much appreciated as it turned out and we were
able to finalise Harvey Norman etc. as our partners in the concept of smart table. Also the value
propositions that we developed were extremely competitive such as entertaining all the members
of family on a single table, having Bluetooth connectivity with other devices etc. This is an
extremely innovative product for quarantine times where the family can keep themselves
entertained (Sekarwinahyu and et.al., 2019). The learning through online mediums was initially
difficult but after the base of the start up was established and finalised upon, it became easier to
develop timelines and work according to that. We distributed tasks on the basis of the skills of
every person in the group and this collectively helped in better completion of project within
allotted timeline.
Analysis: The idea of smart table was approved by the partners immediately and the entire
process of developing entrepreneurship on the basis of an innovative idea has helped me in
learning that the initially developing an idea that is both innovative and feasible and then
converting that idea into an actual product is a very detailed and intricate process. Although we
have always learnt in theory that the steps can be followed chronologically, but this project
helped us in realising that the actual innovative development is not exactly steps of chronological
process. It is much more intertwined and complicated (Paulson and Laverty, 2018). The best
thing about online learning was that we were able to learn through a new dimension and we also
learnt that how different tools can be used to enhance communication through online learning.
We learnt to allocate time adequately where unnecessary discussions could be minimised and the
actual productivity could be increased. Overall, through my learning experience I can conclude
that apps like Zoom etc. are extremely valuable in the online learning where the uninterrupted
network and connectivity helped in better communication flow.
Conclusion: From the entire process of BMC development through online learning, there were
lot of new ideas and concepts that I became familiar with. The development of business model
canvas for the smart table made me realise that in reality, entering into contracts and completing
all the activities require too much patience and planning. I also recognised that online learning
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can be actually very efficient if the user gives enough time to get accustomed to it. I can
conclude that our overall process of developing BMC on smart table through online mechanisms
was an exhaustive process of learning.
Action Plan: The steps that I am going to take care in future whenever I venture for an online
learning or development process is that I am going to develop fixed schedules where all the team
members have to be available for that time period and have to be connected. This will resolve the
problem of unnecessary time wastage. If I develop any innovative business idea, then I will
ensure that I start its marketing right from the beginning so that I can get investors as quickly as
possible because it was very difficult in the current project. Also during the BMC development I
will ensure that I make my value proposition as unique as possible.
CONCLUSION
The reflection above helped in concluding that the entrepreneurial idea development is a
very complex activity and doing it through online learning mechanisms is even more complex.
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REFERENCES
Books and Journals
Dhaliwal, U., Singh, S. and Singh, N., 2017. Reflective student narratives: honing
professionalism and empathy. Indian J Med Ethics. 3(1). pp.9-15.
Paulson, E. and Laverty, C., 2018. Leveraging Learning Outcomes to Build an Online
Information Literacy Tool. Journal of Library & Information Services in Distance
Learning. 12(1-2). pp.35-48.
Sekarwinahyu, M., and et.al., 2019, February. Development of problem based learning for online
tutorial program in plant development using Gibbs’ reflective cycle and e-portfolio to
enhance reflective thinking skills. In Journal of Physics: Conference Series (Vol. 1157,
No. 2, p. 022099). IOP Publishing.
Sekarwinahyu, M., Rustaman, N.Y. and Widodo, A., 2019, November. Problem-based learning
skills and reflection skills of biology education students through the problem-based
online tutorial. In Journal of Physics: Conference Series (Vol. 1280, No. 3, p. 032004).
IOP Publishing.
Tawanwongsri, W. and Phenwan, T., 2019. Reflective and feedback performances on Thai
medical students’ patient history-taking skills. BMC medical education. 19(1). p.141.
Wain, A., 2017. Learning through reflection. British Journal of Midwifery. 25(10). pp.662-666.
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